StockMarketWire.com - Last year, specialist security and services company Westminster Group achieved 91% of its 2019 revenue as the company's technology and services divisions delivered robust performances.

Despite the material impact from Covid-19 and restrictions during lockdown, the company's 2020 revenues totalled £10.0m not far off from £10.9m in 2019. Loss after tax improved to £0.7m from £1.3m in 2019.

In its full-year 2020 results, Westminster said it "successfully navigated" Covid-19 largely due to the Company's "multiple revenue stream business model and early action by management".

Travel restrictions and airport closures materially affected its airport managed services, training and guarding business but was offset by growth in product sales and port services.

Strong and profitable H1 performance delivered 24% increase over H1 2019, although H2 was more challenging due to travel restrictions.

Total equity and net assets grew from £1.9m in 2019 to £7.1m in 2020.

The company also announced Charles Cattaneo will be stepping down from the Board as a non-executive director with effect from the end of the Annual General Meeting. The Company will update the market in due course on his replacement.

Non-executive director Mawuli Ababio, has been appointed as Deputy Chairman of the Company.




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